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Search Results 0 to 7 of about 8
CBS
Dec 28, 2012 7:00am PST
entire fiscal cliff situation. >> major garrett, thank you very much. >>> republican senator bob corker of tennessee has offered proposals in recent weeks to break the stalemate in congress. senator, good morning, good to see you. >> good morning, jeff good to be with you. >> are we going over the cliff? >> well it depends on what that means. i think 98% of the people in our country can be assured that at some point over the next short period of time, their income taxes are going to be the same but this congress as you know has been more prepared than any to deal with the big issues our nation faces and what you're seeing is a lack of courage to deal with the spending issues. unfortunately, you know today the average american doesn't realize that there's 40% of government services that they're not paying for. only one-third of medicare is paid for by those people who actually use it and because there's been this charade going on, where the left and right basically have conspired together to shield the american people from the true cost of government, we really don't have any cons
CBS
Dec 31, 2012 7:00am EST
. thank you. as we mentioned congress goes back to work to try to avoid the fiscal cliff. if there's no plan by moment and we go over, economists will predict we'll go back into recession. >> taxes would increase $2,400 a year. their social security taxes would also go up on average a thousand a year and some 2 million jobless americans stand to lose their federal unemployment benefits. in all, the congressinonal offie says an estimate third degree.4 million could be would jobs in 2013. >> reporter: senate leaders hoped to have an agreement by yesterday. they didn't. negotiators were here late last night and it does appear they're now much closer on that main issue which is the bush tax cuts and who gets to keep them. the question is whether the two sides can make it the rest of the way before tonight's deadline. senators filled the halls sunday hoping they'd have a deal to vote on, but just before 6:00 the senate leader sent them home. >> there's still significant difference between the two sides but negotiations continue. >> those talks hit a snag sunday when democrats missed a self-i
CBS
Dec 29, 2012 5:00am PST
before we reach that so- called fiscal cliff. can lawmakers still steer us away before we go over? there are some signs of hope in that battle. >>> it is 7:00 on saturday, december 29th. thanks for joining us this morning. i'm ann macko vic. >> i'm brian hector. we'll get a quick check on weather. we have a few showers around the bay area. not a huge deal, just kind of a nuisance this morning. it's a drizzle this morning. in the central bay not much, in the north bay, not much. impact not
CBS
Dec 27, 2012 7:00am PST
bad deal. >> rana thank you very much. >> thank you. >>> the fiscal cliff and other issues seem to be dragging down holiday shopping. forecasters predicted a big jump but analysts say it could be the worst in four years. elaine quijano has more. >> good morning to you jeff and rebecca. according to early numbers shoppers were not in the holiday spending spirit and some of the reasons had nothing to do with the economy. holiday retail sales grew just 0.7% this year far short of expectations and down from 2% a year ago. >> whether it was hurricane sandy and the need to spend on the home whether it was the tragedy in connecticut and took away the feel-good factor it was a confluence of events that led to a should have been better holiday season. >> reporter: in the densely populated northeast, where more than a fifth of the country's retail sales take place, homeowners hit hard by hurricane sandy spent more money on repairs than on holiday gifts. also dragging down sales was uncertainty about the fiscal cliff, tax hikes and spending cuts set to take effect next year. if lawmakers don't r
CBS
Dec 26, 2012 7:00am PST
. >> especially at this time of year. thank you so much. we turn now to political turbulence, and the fiscal cliff gets closer. congress now has six days to make a deal. they'll be back on capitol hill tomorrow, and chip reid is in washington. >> president obama will be arriving in washington tomorrow and both houses of congress will be back in session tomorrow. that will give them just five days to put together a deal to avoid the massive automatic tax hikes and spending cuts known as the fiscal cliff. >> president obama spent christmas day visiting with troops in hawaii. >> while back in washington uncertainty about the looming fiscal cliff continues. there has been to communication between republicans and democrats about how to avoid going over the cliff. before the christmas break, speaker john boehner was unable to get enough support from respects to pass his plan and help said it was up to the white house and the senate to avert the cliff. so now harry reid is believed to be crafting a plan of his own. it's expected to extend bush-era tax cuts. it would also include short-term spending
CBS
Dec 31, 2012 7:00am PST
final hours as we get nearer to the fiscal cliff. >> major garrett, thank you. senator is live on capitol hill. >> thanks for having me. >> if there's a deal today, why would you vote to extend tax cuts if there are no new spending cuts? >> that's the exact thing. the real problem is the spending. if you want to raise taxes -- and the president promised in the campaign he wanted to do that -- it's to pay down on the deficit. there's no evidence of any of that. that's a major sticking point. the democrats are divided on tax rates, on the death tax, on taxes on small business and the republicans are holding firm that you actually have to deal with the number one problem in our nation which is the spending our debt. >> senator, the senate is reconvening this morning. how close are we actually to some kind of a deal here? >> i'm hoping that we get an arrangement and an agreement because the american people deserve certainty. what we ought to do is put a bill on the senate floor and let people offer amendments and vote on them. we shouldn't be here waiting for people to cut deals on ba
CBS
Dec 28, 2012 7:00am EST
. >> all right, jeff berardelli, thanks so much. you know about the fiscal cliff. here comes the container cliff. long shoremen plan to go on strike. that could cost american companies about billion dollars a day. anna werner is in houston at one of the ports that could be facing a walkout. good morning. >> reporter: good morning, rebecca and jeff. yes. there are two days to go before the strike deadline. they're at an impasse. at issue is pay for those working in the ports. but if it doesn't get resolved, the consequence could be a devastated impact on the economy. as the rest of the country focuses on the gridlock in houston, many are working overtime trying to get as many shipments out as they can before it comes to a standstill. the vice president of the national retail federation says a shutdown at the docks would have a ripple effect on the global economy. >> the ports are a primary piece of the global supply chain. if they're not operating efficiently, it slows down the system and hurts everything using the system. >> reporter: negotiations between the international longsh
CBS
Dec 29, 2012 8:00am EST
." this is a treat. >> thanks for having me. >> how much does the fiscal cliff impact what we're saving on taxes? >> well for middle income people, the tax increase is going to be about $2,200 and for higher income people that's the part that's been talked about a lot, people with $200,000 in income or $250,000 per couple. they're going to get hit. then there's also going to be increases in the dividends that you pay, the dividend income that you get. there's going to be increases in capital gains taxes. >> mom, when it comes to budgeting for the future you've always taught me to put money aside in my 401(k). it was the thing you told me to do when i got my first job. what should people be doing with their retirement savings? >> right now people are in the best shape possible to save for their future. they might not feel like that after the financial crisis. but if taxes go up you're not going to be able to save as much in the future so i've been urging everyone to save as much as they can possibly save right now, and the key is going to be for many families,ite going be retirement savi
Search Results 0 to 7 of about 8